The United Arab Emirates' energy minister said on Monday that OPEC+ is willing to provide the world with the oil it needs, and that if consumers require more, the alliance of top producers was "only a phone call away".

Suhail al-Mazrouei told a major industry event in Abu Dhabi that OPEC+, which groups the producer bloc with allies including Russia, can always be trusted to balance oil supply and demand. "We are only a phone call away if the requirements are there," he said.

OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut.

The group is expected to hold its next meeting in Vienna on Dec. 4, one day before an agreement by the Group of Seven countries to cap Russian oil sales at an enforced low price is due to go into effect.

Energy ministers and CEOs of top oil companies have meanwhile gathered in Abu Dhabi to discuss investment in oil and gas, crude markets, energy prices and economic growth at a time when Russia's invasion of Ukraine has shaken up the global oil trade.

Speaking at the conference on Monday, U.S. energy envoy Amos Hochstein said energy had to be priced to allow for economic growth, adding that more investment is needed in the oil and gas sector.

Investment from the United States and others is not enough, he stressed. "Regardless where you are on energy spectrum, we must all invest and innovate," he said.

Hochstein said the relationship between the United States and the UAE is "strong, long-standing and enduring". Reflecting on the spat with OPEC+, he told reporters: “People are allowed to have disagreements. It’s a lot less drama than people think.”

Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.

"We and the UAE are going to be the exemplary producers," he said.

The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

"We are expecting that this update will have more green sources of energy in it," he said. "We will see the target, but the expectation, I'm optimistic that we will raise up the contribution of renewables."

Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said earlier that zeroing out hydrocarbon investment due to natural decline could lead to a loss of 5 million barrels of oil a day per year from current supplies.

"This would make the shocks we have experienced this year feel like a minor tremor," Jaber said.

The world needs maximum energy and minimum emissions, he said.

"Here are the hard facts: Global supply chains continue to be fragile. Geopolitics are now more complex, fragmented and polarised than ever," he said.(Reuters)

Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 14.5% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.6%.

Second quarter real gross domestic product was up 12.2%, the kingdom reported in September, exceeding a flash estimate at the end of July of 11.8% growth on the back of higher oil prices.

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[1/3] A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

 

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DUBAI, Oct 31 (Reuters) - Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 14.5% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.6%.

Second quarter real gross domestic product was up 12.2%, the kingdom reported in September, exceeding a flash estimate at the end of July of 11.8% growth on the back of higher oil prices.

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The finance ministry separately reported on Monday Saudi Arabia's fiscal figures for the third quarter.

It recorded revenues of 301.87 billion riyals ($80.14 billion), a rise of 24% from the same period a year earlier.

Expenses rose 22% to 287.73 billion riyals in the third quarter, compared with the year earlier period.

It reported a budget surplus of 14.14 billion riyals for the third quarter, and oil revenues of 229.02 billion riyals.

Although revenues and expenses were higher year-on-year, there was a slight pullback compared with the second quarter, with revenues of 370.36 billion and expenses of 292.46 billion.

"The fiscal surplus narrowed in 3Q in quarterly terms on the back of lower revenue, both oil and non-oil, and despite a modest pullback in government spending from the 2Q level," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

"Nevertheless, Saudi is in position to realise a healthy fiscal surplus in 2022 with a strong yearly increase in oil revenue," Malik said.

Grain was flowing out of Ukraine at a record pace on Monday under an initiative led by the United Nations aimed at easing global food shortages despite Russia's decision to suspend its participation in the scheme.

Russia said on Saturday it was pulling out of the deal, which ensured safe passage of grain exports from three Ukrainian ports, after what it said was a major Ukrainian drone attack on its fleet in Crimea.

Other participants were pressing ahead with the deal despite Russia's withdrawal while France said it was working to boost Ukraine grain exports via land routes in conjunction with other European Union states.

Ukraine is one of the world's largest grain exporters and the conflict with Russia led to the closure of its seaports in February, driving up food prices and contributing to a steep rise in acute hunger across the globe.

The deal, signed on July 22, has helped ease the crisis with more than 9.5 million tonnes of corn, wheat, sunflower products, barley, rapeseed and soy exported under the pact.

A record volume of 354,500 tonnes of agricultural products was carried on vessels leaving Ukrainian ports on Monday as part of the Black Sea grain deal, a spokesperson for Odesa's military administration said.

"Civilian cargo ships can never be a military target or held hostage. The food must flow," tweeted Amir Abdullah, the U.N. official who coordinates the programme.

Turkey, which helped broker the deal, remained committed to the deal which involves the inspection of cargoes at a Joint Coordination Centre in Istanbul.

"Even if Russia behaves hesitantly because it didn't receive the same benefits, we will continue decisively our efforts to serve humanity," President Tayyip Erdogan said in a speech.

Russia said on Monday it would be risky for Ukraine to continue exporting.

"In conditions when Russia is talking about the impossibility of guaranteeing the safety of shipping in these areas, such a deal is hardly feasible, and it takes on a different character - much more risky, dangerous and unguaranteed," Kremlin spokesman Dmitry Peskov told reporters.

WHEAT PRICES CLIMB

Wheat prices rose on Monday, climbing around 6% to $8.78 a bushel in Chicago, but remained far below a peak of $13.63-1/2 set in early March shortly after the conflict began.

The strong pace of wheat exports from Russia, which harvested a record crop this summer, has helped to bolster supplies on the world market.

Consultancy Sovecon on Monday estimated that Russia would export 4.5 million tonnes of wheat in October, up from 2.8 million in the same month last year.

Corn prices rose more than 2% to $6.96 a bushel in Chicago on Monday while soybean oil rose about 1.6% to 72.96 cents per lb.

Ukraine is a major exporter of corn and there were concerns that shipments to the European Union could be disrupted.

"As far as Europe is concerned, corn is a bigger issue than wheat as we are getting into peak season for Ukrainian corn in November," said one grain trader said.

Analysts warned that although global agricultural commodity prices have come off record highs in recent months, local retail food prices remain high and could now face further upside.

"Typically, it takes about two months for higher grain prices to filter through the supply chain and impact consumers at the retail level," said a Sydney-based analyst.

"But food processors do not have much forward coverage, so it is likely to be a lot quicker."(Reuters)

The Women's Empowerment and Child Protection Ministry campaigned for an end to domestic violence, bullying, and child marriage through a fun walk event organized in the Car Free Day area here on Sunday.



"Let us all fight violence against women and children," Women's Empowerment and Child Protection Minister Bintang Puspayoga said.



"Let us be brave in reporting violence and support women and children victims of violence so that they can rise and live a good life," she added.



The morning walk activity was one of the early steps for disseminating information on and campaigning for issues related to violence against women and children that have continued to occur in Indonesia, she informed.



The event also served as a continuation of the campaign activities undertaken several weeks ago. This is because Indonesia is currently considered to be in a state of emergency over violence.



In the 2021 National Women Life Experience Survey (SPHPN), 1 out of 4 women in the 15–64 age group reported experiencing violence, whether physical and/or sexual.



Meanwhile, the 2021 Children and Teenagers Life Experience National Survey (SNPHAR) also reported that 4 out of 10 girls and 3 out of 10 boys in the 13–17 age group had experienced violence throughout their life.



The 2021 BPS data pegged the prevalence of child marriage at 9.23 percent.




Meanwhile, according to the Women and Children Protection Online Information System (Simfoni PPA), in 2021, 73 percent of women faced violence and 48 percent of children experienced domestic violence.



"The Indonesian Child Protection Commission (KPAI) also recorded 226 cases of physical and mental violence, including bullying, in 2022," Puspayoga informed in a written statement.


Through the campaign, she said she expects people to understand issues that encompass various types of violence and learn how to prevent them through the smallest of actions up to reporting violence that they see or experience.


She also urged all parties to be brave in stepping forward to report cases of violence against women and children through the Women and Children Friendly (SAPA) call center number 129 and WhatsApp number 08111-129-129.



This is so that victims can receive assistance immediately and the cases can be handled further.